Decarbonizing Maritime Transport

OCI's products are key to decarbonizing the maritime sector Cost of container ship and bunkering location in the Middle East from 2030E (€ mn per annum) XX CO2 cost required to break even with HFO, EUR/ton XX Additional price per jeans, EUR O&M Capex Fuel ~70 ~150 ~180 ~350 0.11 0.24 0.28 0.58 48 24 25 27 28 29 34 36 Heavy Blue Grey Grey fuel oil Methanol Ammonia Ammonia Ammonia Methanol Hydrogen ICE1 Green Green Green Green Ammonia Fuel Cell 2050 outlook for ammonia and methanol as a substitute for HFO (metric ton) vs negligible current consumption 4-5x production and >35x merchant ammonia traded volumes 750-900 6-7x / 103 650-720 ■ Ammonia and methanol are the only practical alternatives for long-distance shipping. Both fuels, even without the implementation of decarbonization technologies, already have a lower environmental footprint compared to conventional fuels. ■ Without carbon priced in, the grey and blue ammonia and methanol pathways are very close to cost parity compared to HFO. o Using blue ammonia in a ship would start the decarbonization pathway with an improvement potential of >50% GHG reduction ■ With global infrastructure in place, these products can bridge the transition from "grey" to "green" until the industry has fully scaled up to products based solely on renewable energy sources. ■ The maritime fuel market in HFO is expected to grow to approximately 430 Mt by 2050, translating in ammonia and methanol equivalents of 650 - 900 Mt while the current combined global gross ammonia and methanol production is ~290 Mt, indicating a large opportunity for OCI ■ A typical Panamax ship consumes 100 kt of ammonia or 93 kt of methanol per year, which equates to 13% of EBIC's ammonia capacity or 9% of OCI Beaumont's methanol capacity as fuel, saving ~140 kt of CO2 emissions per year. OCI Merchant trade 182 Captive use 163 2020 ammonia production 2050 HFO ammonia equivalent HFO methanol equivalent 1. ICE refers to Internal Combustion Engine, fuel price average between IEA ($850/t and hydrogen council report at USD 630/t Source: 2021 Hydrogen Council report, MMSA, Fertilizer Week, IEA, Argus 2020 methanol production 2050 31

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